MICL Group has secured a sea-facing residential project near Marine Lines in Mumbai.
The project will be executed under the asset-light development management (DM) model. The company has secured a letter of intent from Shreepati Zaoba Housing LLP.
The company will deliver the project within five years from the launch date. The total construction area of approximately 22 lakh square feet offers a RERA carpet area of around 5.3 lakh square feet for sale, and the project is expected to generate a total sales value of over ₹2,100 crore.
Commenting about the project, Manan P Shah, Managing Director, Man Infraconstruction, said, “This marks MICL Group’s second venture into uber-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which shall be one of the tallest towers in the country, surpassing 1,000 feet in height.”
Shares of Man Infraconstruction traded at ₹209.95, higher by 3.12 per cent as on 10.28 am on the NSE.
The board of Man Infraconstruction has approved the scheme of arrangement and merger by absorption of Manaj Tollway Pvt Ltd and Man Projects Ltd, wholly owned subsidiaries, with the company and its shareholders.